Quebec Sets Higher Power Prices for Cryptocurrency Miners By Cryptovest | investing.com

In a bid to keep eager hordes of cryptocurrency miners at bay, Quebec will be increasing electricity prices until a more sustainable solution for catering to the growing demands of the energy-intensive industry can be found.

As per a report by Bloomberg, the state-owned power generator Hydro-Quebec has been authorized to charge crypto and blockchain-related companies 15 cents per kilowatt-hour. This threefold increase in power prices is temporary and applies only to newcomers – existing users and their operations will remain unaffected.

Interest in Quebec as a potential new crypto mining hub soared earlier this year, after China imposed a ban on the activity and guided miners in the country toward an “orderly exit”. The Canadian province has plenty of surplus energy to offer and boasts the lowest power rates in all of Northern America, making it an ideal potential haven for crypto miners.

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Quebec Sets Higher Power Prices for Cryptocurrency Miners By Cryptovest.